Silvercrest Asset Management Group LLC Decreases Position in Independent Bank Corp. (NASDAQ:INDB)

Silvercrest Asset Management Group LLC reduced its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 7.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 635,569 shares of the bank's stock after selling 50,035 shares during the quarter. Silvercrest Asset Management Group LLC owned about 1.50% of Independent Bank worth $40,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its position in shares of Independent Bank by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after buying an additional 5,792 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Independent Bank in the fourth quarter worth about $5,586,000. Barclays PLC increased its position in shares of Independent Bank by 75.0% in the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after acquiring an additional 40,697 shares during the period. Natixis Advisors LLC acquired a new position in shares of Independent Bank in the 4th quarter valued at $722,000. Finally, Franklin Resources Inc. acquired a new position in shares of Independent Bank in the 3rd quarter valued at $2,060,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

INDB stock traded down $0.51 during mid-day trading on Tuesday, reaching $64.13. The company's stock had a trading volume of 181,873 shares, compared to its average volume of 291,168. The stock has a market cap of $2.73 billion, a PE ratio of 14.19 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The company's 50 day moving average is $60.34 and its two-hundred day moving average is $65.26.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). The company had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is 53.15%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Raymond James reissued a "strong-buy" rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. StockNews.com lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Piper Sandler lowered their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Company Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.